If you’re looking to sell your home, you may be wondering what an iBuyer is and how they compare to traditional local home buyers. iBuyers are companies that use technology to buy and sell real estate. They provide a quick option if you need to sell as soon as possible, but they are far from the only option you have. There are still traditional local home buyers in Greenville, SC who are financed and able to purchase your home. So how does an iBuyer compare to a local home buyer in Greenville?
iBuyers saw the need for a less complicated real estate experience that takes the real estate agent out of the picture. With iBuyers, homeowners can sell their homes directly to buyers with just a few clicks on easy-to-use platforms. And because these companies are looking for houses that are in excellent condition and don’t require repairs, you can be certain you’re getting top dollar for your home.
Keep in mind that if the house you’re selling requires repair, iBuyers will typically give a lower offer for the home, or require that you as the seller make the repairs yourselves before closing—prioritizing quantity over quality, so to speak. Right now, iBuyers aren’t present everywhere yet; they usually stick to places where property values are around $250,000 and where houses turn over relatively quickly.
Selling Your Property Through An iBuyer
If you’re a property owner in Greenville, it’s important to understand how an iBuyer compares to other local home buyers when you decide it’s time to sell. Having a good idea of both will help you determine the best route for selling your property.
If you are a property owner and request an offer for your property using the website, you will fill out the information about your property. This includes telling them of any known issues or recent upgrades. If they like what they see so far, the platform then runs an evaluation on your property to give you a final estimate.
After you request an offer from the iBuyer, they will provide a cash offer within 1-2 days. Once you accept their offer, they will send out an inspector to verify the status of your property. If any repairs need to be made, they may either request that you fix them or deduct the repair cost from their original offer. After all repairs have been completed and paid for, you can then pick your desired closing date.
Selling Your Property To A Local Home Buyer
Since a local home buyer in Greenville will usually work with a real estate agent, they are more likely to discover your property through the multiple listing service of the area. From there, the buyer’s agent would present an offer contract straight to the selling agent or seller if they’re not using a middleman. If everything lines up from the seller’s perspective, then next comes hiring an inspector for due diligence on any possible hidden “surprises”.
If you’re lucky, the buyer will have the entire sum of cash upfront; however, most home buyers need financing, which can take anywhere from 30-90 days. Unfortunately, this is the point in the process where some buyers are forced to back out due to financial reasons. If they manage to get past this stage and the inspection comes back clean, then closing occurs based on what was agreed upon in the contract.
Local home buyers who don’t work with real estate agents are usually investors. These types of buyers have aspects of iBuyers and buyers with real estate agents. For example, they tend to make all-cash offers but also request a price reduction for repairs like regular homebuyers would. Additionally, some investors might need more time to inspect the property or secure financing than cash local homebuyers before closing on a deal.
If you want the best deal possible for your home, it’s best to work with local home buyers who know the area. We buy houses in Greenville with our own cash, and we buy them quicker than most iBuyers. If you want to learn more about how an iBuyer compares to a local home buyer in Greenville, SC like us, please reach out to us at (864) 428-9197 or send us a message!
